Market Research Reports, Inc.

Market Research Reports, Inc. has announced the addition of “The Insurance Industry in Paraguay, Key Trends and Opportunities to 2018” research report to their offering.

Lewes, DE -- (SBWIRE) -- 07/30/2014 -- In terms of written premium value, the Paraguayan insurance industry grew at a review-period CAGR of 18.5% in 2013. The increase was on account of the strong performance of the life segment, which registered a review-period CAGR of 29.9%. The industry is projected to grow at a forecast-period CAGR of 12.6%, driven by a strengthening economy and rising beef exports. Paraguay is the world’s eighth-largest exporter of beef, and is expected to be the fifth-largest exporter by 2018, creating demand for transit and marine insurance over the forecast period. The overall insurance industry is dominated by the non-life segment, which accounted for 85.1% of the industry's gross written premium in 2013.

Key Highlights
- The Paraguayan insurance industry is both highly competitive and moderately consolidated, with the presence of 35 insurance companies as of 2013
- The overall insurance industry is dominated by the non-life segment, which accounted for 85.1% of the industry's gross written premium in 2013
- Motor insurance was the largest category in the segment, accounting for 55.7% of its total written premium in 2013
- Paraguay is the eighth-largest exporter of beef in the world, and is expected to be the fifth-largest by 2018. It is also the fourth-largest exporter of soybeans.
- The country’s inflation rate was comparatively high in 2013 at 3.09%, up from 2.59% in 2009. This rate is expected to rise further to 4.09% by 2018
- The Paraguayan government, in collaboration with the insurance regulatory body, has enacted several favorable legislations

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